NBIF issued a statement on Monday announcing the round, which included investments from a number of angel investors and the company founders.
The company, which now has five employees, will use the money to support marketing efforts.
“Budgeting and saving are something that’s important for nearly everyone, regardless of age or financial status,” says QUBER Chief Executive Jen Leger in the statement. “Our app takes something that’s usually considered boring and unappealing and makes it easy, fun, and rewarding.”
The QUBER app encourages users to save money for their financial goals through a series of fun challenges. User goals can range from funds for a vacation to saving for gifts or a down payment for something expensive.
Similar to online bill payments, users provide their bank account number, and the app securely transfers money to personalized “savings jars” with automatic savings rules, allowing users to determine how they would like to save money.
“QUBER has a fun, innovative approach to a universal concern – saving money,” said NBIF Investment Associate Thomas Bird in the statement. “They’ve managed to grow their team, increase their revenue, and attract a significant number of customers in just three years since the company was established.”
Leger has built her career in tech and startup environments, having previously served in senior roles at BMM Testlabs, Medavie Blue Cross, and Spielo, among other companies.
A finalist in the 2017 Breakthru competition in New Brunswick, Quber has also gone through FinLab, a Singapore-based accelerator for global fintech companies.
The funding announced Monday marks the second time NBIF has backed QUBER. The funding agency also invested $200,000 in the company is its 2017-18 fiscal year.
Now, the company aims to continue its growth, with plans to increase its users, revenue, and team members.
“QUBER has impressive potential and has proven to be very responsive to customer needs,” said Bird. “They have a sound business model and a product developed with customer input, not to mention solid user growth and retention.”